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Home My WebLink About20192982.tiffAugust 6, 2019 Petitioner: W -ADP UNIVERSITY SQUARE OWNER VII LLC CIO WALTON STREET CAPITAL LLC 900 N MICHIGAN AVE STE 1900 CHICAGO, IL 60611-6536 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBSITE: www.weldqov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 Agent (if applicable): STERLING PROPERTY TAX SPECIALISTS INC 950 S CHERRY ST SUITE 320 DENVER, CO 80246 RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2019-2982 Appeal 2008224862 Hearing 8/5/2019 Dear Petitioner: On the day indicated above, the Board of County Commissioners of Weld County Colorado convened and acting as the Board of Equalization, pursuant to C.R.S. §39-8-101 et seq., considered petition for appeal of the Weld County Assessor's valuation of your property described above, for the year 2019. Account # Decision The Assessment and valuation is set as follows: Actual Value as Actual Value as Set by Determined by Assessor Board R2296303 Stipulated - Approved Stipulated Value $22,262,528 $15,235,000 A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30) days of the date the denial is mailed to you. You must select only one of the following three (3) options for appeal: 1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(2), only the record of proceedings from your hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate court. All appeals to the Board of Assessment Appeals filed after August 10, 2019, MUST comply with the following provisions of C.R.S. §39-8-107(5): (5)(a)(I) On and after August 10, 2019, in addition to any other requirements under law, any petitioner appealing either a valuation of rent -producing commercial real property to the Board of Assessment Appeals pursuant to C.R.S. §39-8-108(1) or a denial of an abatement of taxes pursuant to C.R.S. §39-10-114 shall provide to the County Board of Equalization or to the Board of County Commissioners of the County in the case of an abatement, and not to the Board of Assessment Appeals, the following information, if applicable: (A) Actual annual rental income for two full years including the base year for the relevant property tax year; (B) Tenant reimbursements for two full years including the base year for the relevant property tax year; (C) Itemized expenses for two full years including the base year for the relevant property tax year; and (D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for two full years including the base year for the relevant property tax year. (II) The petitioner shall provide the information required by subparagraph (I) of this paragraph (a) within ninety days after the appeal has been filed with the Board of Assessment Appeals. (b)(I) The Assessor, the County Board of Equalization, or the Board of County Commissioners of the County, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an appeal with the Board of Assessment Appeals not more than ninety days after receipt of the petitioner's request, the following information: (A) All of the underlying data used by the county in calculating the value of the subject property that is being appealed, including the capitalization rate for such property; and (B) The names of any commercially available and copyrighted publications used in calculating the value of the subject property. (II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b) shall redact all confidential information contained therein. (c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the County may move the Board of Assessment Appeals to compel disclosure and to issue appropriate sanctions for noncompliance with such order. The motion may be made directly by the County Attorney and shall be accompanied by a certification that the County Assessor or the County Board of Equalization has in good faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action by the Board of Assessment Appeals. If an order compelling disclosure is issued under this paragraph (c) and the petitioner fails to comply with such order, the Board of Assessment Appeals may make such orders in regard to the noncompliance as are just and reasonable under the circumstances, including an order dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest shall resume as of the date the contested information has been provided by the taxpayer. Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to you. The address and telephone number of the Board of Assessment Appeals are: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, Colorado 80203 Telephone Number: (303) 864-7710 Email: baa@state.co.us Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not charged for the first two (2) appeals to the Board of Assessment Appeals. A taxpayer represented by an attorney or agent must pay a fee of $101.25 per appeal. OR 2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to the District Court of the county wherein your property is located: in this case that is Weld County District Court. A hearing before The District Court will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the District Court is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(1), the rules of Colorado appellate review and C.R.S. §24-4-106(9), govern the process. OR 3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this option, the arbitrator's decision is final and you have no further right to appeal your current valuation. C.R.S. §39-8-108.5 governs this process. The arbitration process involves the following: a. Select an Arbitrator: You must notify the Board of Equalization that you will pursue arbitration. You and the Board of Equalization will select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located (i.e. Weld) will select the arbitrator. b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records documents and other evidence pertaining to the value of the property. The arbitrator also has the authority to administer oaths, and determine all questions of law and fact presented to him. The arbitration hearing may be confidential and closed to the public if you and the Board of Equalization agree. The arbitrator's decision must be delivered personally or by registered mail within ten (10) days of the arbitration hearing. c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the Board of Equalization. In the case of residential real property, the fess may not exceed $150.00 per case. For cases other than residential real property, the arbitrator's total fees and expenses are agreed to by you and Board of Equalization, but are paid by the parties as ordered by the arbitrator. If you have questions concerning the above information, please call me at (970) 400-4226. Very truly yours, BOARD OF EQUALIZATION CLOD. `Cr�41�/G'C Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equalization cc: Brenda Dones, Weld County Assessor August 6, 2019 Agent: Petitioner: STERLING PROPERTY TAX SPECIALISTS INC 950 S CHERRY ST SUITE 320 DENVER, CO 80246 CLERK TO THE BOARD PHONE (970) 400-4226 FAX (970) 336-7233 WEBS ITE: www.weldqov.com 1150 O STREET P.O. BOX 758 GREELEY CO 80632 W -ADP UNIVERSITY SQUARE OWNER VII LLC C/O WALTON STREET CAPITAL LLC 900 N MICHIGAN AVE STE 1900 CHICAGO, IL 60611-6536 RE: THE BOARD OF EQUALIZATION 2019, WELD COUNTY, COLORADO NOTICE OF DECISION Docket 2019-2982 Appeal 2008224862 Hearing 8/5/2019 Dear Petitioner: On the day indicated above, the Board of County Commissioners of Weld County Colorado convened and acting as the Board of Equalization, pursuant to C.R.S. §39-8-101et seq., considered petition for appeal of the Weld County Assessor's valuation of your property described above, for the year 2019. Account # Decision The Assessment and valuation is set as follows: Actual Value as Actual Value as Set by Determined by Assessor Board R2296303 Stipulated - Approved Stipulated Value $22,262,528 $15,235,000 A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within thirty (30) days of the date the denial is mailed to you. You must select only one of the following three (3) options for appeal: 1. Appeal to Board of Assessment Appeals: You have the right to appeal the County Board of Equalization's decision to the Colorado Board of Assessment Appeals. A hearing before that Board will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the Board of Assessment Appeals is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(2), only the record of proceedings from your hearing before the Board of Assessment Appeals and your legal brief are filed with the appellate court. All appeals to the Board of Assessment Appeals filed after August 10, 2019, MUST comply with the following provisions of C.R.S. §39-8-107(5): (5)(a)(I) On and after August 10, 2019, in addition to any other requirements under law, any petitioner appealing either a valuation of rent -producing commercial real property to the Board of Assessment Appeals pursuant to C.R.S. §39-8-108(1) or a denial of an abatement of taxes pursuant to C.R.S. §39-10-114 shall provide to the county Board of Equalization or to the Board of County Commissioners of the County in the case of an abatement, and not to the Board of Assessment Appeals, the following information, if applicable: (A) Actual annual rental income for two full years including the base year for the relevant property tax year; (B) Tenant reimbursements for two full years including the base year for the relevant property tax year; (C) Itemized expenses for two full years including the base year for the relevant property tax year; and (D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for two full years including the base year for the relevant property tax year. (II) The petitioner shall provide the information required by subparagraph (I) of this paragraph (a) within ninety days after the appeal has been filed with the board of assessment appeals. (b)(I) The Assessor, the County Board of Equalization, or the Board of County Commissioners of the County, as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an appeal with the Board of Assessment Appeals not more than ninety days after receipt of the petitioner's request, the following information: (A) All of the underlying data used by the county in calculating the value of the subject property that is being appealed, including the capitalization rate for such property; and (B) The names of any commercially available and copyrighted publications used in calculating the value of the subject property. (II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b) shall redact all confidential information contained therein. (c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the County may move the Board of Assessment Appeals to compel disclosure and to issue appropriate sanctions for noncompliance with such order. The motion may be made directly by the County Attorney and shall be accompanied by a certification that the County Assessor or the County Board of Equalization has in good faith conferred or attempted to confer with such petitioner in an effort to obtain the information without action by the Board of Assessment Appeals. If an order compelling disclosure is issued under this paragraph (c) and the petitioner fails to comply with such order, the Board of Assessment Appeals may make such orders in regard to the noncompliance as are just and reasonable under the circumstances, including an order dismissing the action or the entry of a judgment by default against the petitioner. Interest due the taxpayer shall cease to accrue as of the date the order compelling disclosure is issued, and the accrual of interest shall resume as of the date the contested information has been provided by the taxpayer. Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board, and must be mailed or delivered within thirty (30) days of the date the denial by the Board of Equalization is mailed to you. The address and telephone number of the Board of Assessment Appeals are: Board of Assessment Appeals 1313 Sherman Street, Room 315 Denver, Colorado 80203 Telephone Number: (303) 864-7710 Email: baa@state.co.us OR 2. Appeal to District Court: You have the right to appeal the decision of the Board of Equalization to the District Court of the county wherein your property is located: in this case that is Weld County District Court. A hearing before The District Court will be the last time you may present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If the decision of the District Court is further appealed to the Court of Appeals pursuant to C.R.S. §39-8-108(1), the rules of Colorado appellate review and C.R.S. §24-4-106(9), govern the process. OR 3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you choose this option, the arbitrator's decision is final and you have no further right to appeal your current valuation. C.R.S. §39-8-108.5 governs this process. The arbitration process involves the following: a. Select an Arbitrator: You must notify the Board of Equalization that you will pursue arbitration. You and the Board of Equalization will select an arbitrator from the official list of qualified people. If you cannot agree on an arbitrator, the District Court of the county in which the property is located (i.e. Weld) will select the arbitrator. b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60) days from the date the arbitrator is selected, and are set by the arbitrator. Both you and the Board of Equalization are entitled to participate in the hearing. The hearing is informal. The arbitrator has the authority to issue subpoenas for witnesses, books, records documents and other evidence pertaining to the value of the property. The arbitrator also has the authority to administer oaths, and determine all questions of law and fact presented to him. The arbitration hearing may be confidential and closed to the public if you and the Board of Equalization agree. The arbitrator's decision must be delivered personally or by registered mail within ten (10) days of the arbitration hearing. c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by you and the Board of Equalization. In the case of residential real property, the fess may not exceed $150.00 per case. For cases other than residential real property, the arbitrator's total fees and expenses are agreed to by you and Board of Equalization, but are paid by the parties as ordered by the arbitrator. If you have questions concerning the above information, please call me at (970) 400-4226. Very truly yours, BOARD OF EQUALIZATION C.m z,6,e rpIGZ Esther E. Gesick Clerk to the Board Weld County Board of Commissioners and Board of Equaization cc: Brenda Dones, Weld County Assessor COUNTY BOARD OF EQUALIZATION WELD COUNTY Single County Schedule Number R2296303 STIPULATION (As To Tax Year 2019 Actual Value) RE PETITION OF : NAME: ADDRESS: W -ADP University Square Owner VII LLC C/O Walton Street Capital 900 N Michigan Ave Suite 1900 Chicago, IL 60611 Petitioner (s) and the Weld County Assessor hereby enter into this Stipulation regarding the tax year 2019 valuation of the subject property, and jointly move the Board of Equalization to enter its order based on this Stipulation. Petitioner (s) and Assessor agree and stipulate as follows: 1. The property subject to this Stipulation is described as: GR SB PT L1 SUBURBAN EXC BEG SW COR N0D33'W 297.04' N89D27'E 50' TO POB N0D33'W 70' N89D27'E 175' S0D33'E 70' S89D27'W 175' TO FOB ALSO EXC BEG N0D33'W 117.7' & N89D27'E 50' FROM SW COR OF 2. The subject property is classified as commercial property. 3. The County Assessor originally assigned the following actual value to the subject property for the tax year 2019 : Total $23,494,939 4. After further review and negotiation, Petitioner (s) and Weld County Assessor agree to the following tax year 2019 actual value for the subject property: Total $15,235,000 5. The valuation, as established above, shall be binding only with respect to tax year2019 , 6. Brief narrative as to why the reduction was made: After a review of all approaches to value, an adjustment was indicated. 7. Both parties agree that: The hearing scheduled before the Board of Equalization on 8/5/2019 at 10:30 am be vacated. nA hearing has not yet been scheduled before the Board of Equalization. 1 do(q-tea A5O(03 DATED this 22 day of July , 2019 Petitioner(s) or Agent or Attorney Address: Sterling Property Tax Specialists, Inc. 950 S. Cherry Street, Suite 320 Denver, CO 80246 Telephone: 303-757-8865 Docket Number R2296303 Stip-1.Frm (Assistant) County Attorney for Respondent, Weld County Board of Commissioners Address: 1150 "O" Street P.O. Box 758 Greeley, CO 80632 Telephone:(970) 336-7235 County Assessor Address: 1400 N.17th Avenue Greeley, CO 80631 Telephone: (970) 400-3650 2 R2296303 / W -ADP University Square Owner VII LLC Final Audit Report 2019-07-22 Created: 2019-07-22 By: Wade Melies (wmelies@co.weld.co.us) Status: Signed Transaction ID: CBJCHBCAABAA5x3dOwZ8TdPr_om92P0M9xQph1AxNnnB "R2296303 / W -ADP University Square Owner VII LLC" History t Document created by Wade Melies (wmelies@co.weld.co.us) 2019-07-22 - 3:12:42 PM GMT- IP address: 204.133.39.9 �a Document emailed to Wade Melies (wmelies@co.weld.co.us) for approval 2019-07-22 - 3:12:43 PM GMT Cho Document approved by Wade Melies (wmelies@co.weld.co.us) Approval Date: 2019-07-22 - 3:12:56 PM GMT - Time Source: server- IP address: 204.133.39.9 [? Document emailed to Susan Gundry (sgundry@co.weld.co.us) for approval 2019-07-22 - 3:12:57 PM GMT t Email viewed by Susan Gundry (sgundry@co.weld.co.us) 2019-07-22 - 3:26:49 PM GMT- IP address: 204.133.39.9 c`ya Document approved by Susan Gundry (sgundry@co.weld.co.us) Approval Date: 2019-07-22 - 3:31:43 PM GMT - Time Source: server- IP address: 204.133.39.9 El-. Document emailed to Brenda Dones (bdones@co.weld.co.us) for signature 2019-07-22 - 3:31:44 PM GMT t Email viewed by Brenda Dones (bdones@co.weld.co.us) 2019-07-22 - 3:46:26 PM GMT- IP address: 204.133.39.9 CSC Document e -signed by Brenda Dones (bdones@co.weld.co.us) Signature Date: 2019-07-22 - 4:12:40 PM GMT - Time Source: server- IP address: 204.133.39.9 Document emailed to Brenda Fearn (bfearn@sterlingpts.com) for signature 2019-07-22 - 4:12:42 PM GMT Adobe Sign n Email viewed by Brenda Fearn (bfearn@sterlingpts.com) 2019-07-22 - 5:06:01 PM GMT- IP address: 73.34.243.171 6Q Document e -signed by Brenda Fearn (bfearn@sterlingpts.com) Signature Date: 2019-07-22 - 5:32:31 PM GMT - Time Source: server- IP address: 73.34.243.171 Document emailed to Karin McDougal (weld-cboe@weldgov.com) for signature 2019-07-22 - 5:32:33 PM GMT t Email viewed by Karin McDougal (weld-cboe@weldgov.com) 2019-07-22 - 5:41:09 PM GMT- IP address: 204.133.39.9 5© Document e -signed by Karin McDougal (weld-cboe@weldgov.com) Signature Date: 2019-07-22 - 7:10:41 PM GMT - Time Source: server- IP address: 204.133.39.9 Signed document emailed to Brenda Fearn (bfearn@sterlingpts.com), Karin McDougal (weld- cboe@weldgov.com), Brenda Dones (bdones@co.weld.co.us), Susan Gundry (sgundry@co.weld.co.us), and 2 more 2019-07-22 - 7:10:41 PM GMT WRIS Adobe Sign COMMERCIAL Brenda Dones Weld County Assessor 1400 N 17th Ave Greeley, CO 80631 NOTICE OF DETERMINATION RECEIVED JUL 1 6 2019 WELD COUNTY COMMISSIONERS Date of Notice: 6/25/2019 Telephone: (970) 400-3650 Fax: (970) 304-6433 Office Hours: 8:00AM — 5:00PM R2296303 2019 0600 YEAR W -ADP UNIVERSITY SQUARE OWNER VII LLC C/O WALTON STREET CAPITAL LLC 900 N MICHIGAN AVE STE 1900 CHICAGO, IL 60611-6536 RIIPTI0N! PHYSICAL LOCATION GR SB PT L1 SUBURBAN EXC BEG SW COR N0D3 3W 297.04' N89D27'E 50' TO POB N0D33'W 70' N89D27'E 175' S0D33'E 70' S89D27'W 1 75' TO POB ALSO EXC BEG N0D33'W 117.7' & N89D27'E 50' FROM SW COR OF SEC 17 N0D3 3W 175' N89D27'E 200' S0D33'E 200.08' M 2626 11TH AVE GREELEY ASSESSOR'S VALUATIC ACTUAL VALUE PRIG REVIEW 22,262,528 23,494,939 TOTAL 23,494,939 22,262,528 The Assessor has carefully studied all available information, giving particular attention to the specifics included on your protest. The Assessor's determination of value after review is based on the following: CM03 - After review of your property, we have made adjustments. This was done because of additional information obtained, or provided through the appeal process. If you disagree with the Assessor's decision, you have the right to appeal to the County Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S. The deadline for filing real property appeals is July 15. The Assessor establishes property values. The local taxing authorities (county, school district, city, fire protection, and other special districts) set mill levies. The mill levy requested by each taxing authority is based on a projected budget and the property tax revenue required to adequately fund the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall. If you are concerned about mill levies, we recommend that you attend these budget hearings. Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities. Please refer to the reverse side of this notice for additional information. Agent (If Applicable): STERLING PROPERTY TAX SPECIALISTS INC 950 S CHERRY ST SUITE 320 DENVER, CO 80246 15-DPT-AR R 207-08/13 R2296303 2019-2982 ASO I o3 APPEAL PROCEDURES County Board of Equalization Hearings will be held from July 25th through August 5th at 1150 O Street. To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown below, and mail, file online, or deliver a copy of both sides of this form to: Weld County Board of Equalization 1150 O Street, P.O. Box 758 Greeley, CO 80631 Telephone: (970) 356-4000 ext, 4225 Online: www.co.weld.co.us/appsl/cboe/ To preserve your appeal rights, your Petition to the County Board of Equalization must be postmarked or delivered on or before July 15 for real property — after such date, your right to appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we recommend that all correspondence be mailed with proof of mailing. You will be notified of the date and time scheduled for your hearing. The County Board of Equalization must mail a written decision to you within five business days following the date of the decision. The County Board of Equalization must conclude hearings and render decisions by August 5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by September 10, § 39-2-125(1)(e), C.R.S. If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of the following: Board of Assessment Appeals District Court 1313 Sherman Street, Room 315 Contact the District Court in the County Denver, CO 80203 where the property is located. See your (303) 866-5880 local telephone book for the address and www.dola.colorado.gov/baa telephone number. Binding Arbitration For a list of arbitrators, contact the County Commissioners at the address listed for the County Board of Equalization. If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed on the next business day, § 39-1-120(3), C.R.S. PETITION 1.O COUNTY BOARDiO F EQUALIZATION What is your estimate of the property's value as of June 30, 2018? (Your opinion of value in terms of a specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.) What is the basis for your estimate of value or your reason for requesting a review? (Please attach additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original Called cost, appraisal, etc.) ATTESTATI 0 N I, the undersigned owner or agent' of the property identified above, affirm that the statements contained herein grA/ and onny c e is hereto are true and complete. X03 -`t51 -8C 4 51 "I,1i- l9 _ ignature Email Address Telephone Number ' Attach letter of authorization signed by property owner. Date 15-DPT-AR PR 207-08/13 R2296303 PROPERTY TAX SPECIALISTS, INC. RI! July 12, 2019 Weld County Board of Equalization 1150 O Street Greeley, CO 80631 Re: 2626 11th Avenue (Schedule No. R2296303) Dear Board, 95o S. Cherry Street Suite 320 Denver, CO 80246 303.757.8865 fax 303.757.7691 www.sterlingpts.com We respectfully request that the Board of Equalization hearing for Sterling Property Tax Specialists, Inc. regarding the above referenced property to be scheduled on one of the following dates. Dates listed are in order d dates: Wednesday, July 24th Tuesday, July 23rd Friday, July 19th Please advise what date and time by calling the office at 303-757-8865 or sending an email to admin@sterlingpts.com. hank you for your help. erely on Golden Assistant to Bar Goldstein & Kendra L. Go stein PROPERTY TAX SPECIALISTS. INC. 950 S. Cherry Street Suite 320 Denver, CO 80246 303.757.8865 fax 303.757.7691 www.sterlingpts.com May 29, 2019 Ms. Brenda A. Dones Weld County Assessor 1400 North 17`" Avenue Greeley, CO 80631 Re: 2626 11th Avenue (Schedule No. R2296303) (the "Property") Dear Assessor: The undersigned, Sterling Property Tax Specialists, Inc., represents the owner of the Property for the purpose of protesting the 2019 Notice of Valuation of the Property. A copy of the Letter of Authorization is attached hereto and made an integral part hereof. Only the schedule number referenced hereinabove is protested hereunder. The Property is an approximately 210,000 sq. ft. multi -tenant shopping center, which the Assessor has increased the value from the previous base year value of $15,778,033 to $23,494,939 for calendar year 2019. The Property was originally built in 1971, but has had some updating. A major portion of the Property is subject to long-term leases which affect the overall value of the Property. We have analyzed the value of the Property based on an income approach and the net income generated from this income producing Property. Attached hereto as Exhibit A are the actual 2017 and 2018 income and expense statements relating to the Property, which include net income from other parcels not part of this protest. Our summary of the attached income statements are as follows: Actual Income Actual Expenses Less Interest Less Amortization Less Taxes 3% Reserves 2017 2018 $1,930,926 1,385,152 556,034 55,696 255,273 867,003 518,149 57,928 Adjusted Expenses Net Operating Income Average Net Operating Income Capitalized at 7% plus 2.42% (9.42%) 0 0 399,222 964,825 399,222 565,603 63,552 576,077 51,354,849 S 1,422,042 $ 15,096,0QQ (rounded) $2,118,390 629,155 $1„489.235 University Square — Weld County Page 2 However, the value of $15,096,000, should be adjusted by the Assessor's market value of Schedule No. R2296603 of $1,715,200, as the net income attributable to that parcel has been included in the income and expense analysis set forth hereinabove. This results in a value attributable to the Property (Schedule No. R2296303) of $13,380,800. Based upon the foregoing, Petitioner hereby requests the Assessor adjust the value for calendar year 2019 for the Property to $13,380,800. All information contained herein should be considered confidential and not available to any third parties. Respectfully submitted, STERLING PROPERTY TAX SPECIALISTS, INC. By: <&rjf Barry J. Goldstein, President LETTER OF AUTHORIZATION December 5, 2018 Sterling Property Tax Specialists, Inc. 950 South Cherry Street, Suite 320 Denver, Colorado 80246 RE: 2019 and 2020 Property Tax Assessment Matters Gentlemen: The undersigned, as owner(s) of property located in Weld County, Colorado, at SEE ATTACHED, and more particularly described on Assessor's Notice of Valuation, Schedule No(s). SEE ATTACHED hereby authorizes Sterling Property Tax Specialists, Inc. and Goldstein Law Firm, LLC, to act as agent on my behalf regarding all 2019 and 2020 property tax assessment matters, and obtain any and all documents relating thereto and file any protests necessary. This Authorization shall be effective as of the date set forth above. W -ADP UNIVERSITY SQUARE OWNER VII, LLC Donald Provrist„ianager Telephone: 303-253-7504 University Square Weld County 2019 / 2020 262611' Avenue 2716 11th Avenue 2708 11 Avenue R2296303 R2296603 R2296503 W -ADP University Sq Owner Income Statement For the Period Ended December 31, 2017 Income Base Rent - Retail Percentage Rent CAM Income Admin Fee Income Recoveries -RE Tax -Retail Recoveries -Insurance -Retail Interest Income Miscellaneous Income Total Income Cost of Sales Total Cost of Sales Gross Margin Expenses Cleaning Dayporter Cleaning Miscellaneous Electrical Repairs Light Bulb Replacement Electrical Miscellaneous HVAC Maintenance & Repairs Gen Gen Gen Gen Gen Gen Gen Gen Maint Maint Maint Maint Maint Maint Maint Maint Plumbing Keys & Locks Exterminating Roof Repairs Indoor Repairs Outdoor Repairs Glass / Doors Payroll Security Contract R&M Fire/Sprinkler Security System Monitoring Utilities Gas Utilities Electricity Utilities Wastewater Utilities Steam Grounds Landscape Maintenan Grounds Snow Removal Current Month $ 115,789 19,137 91 3,021 528 66 1,145 $ 139,777 $ 139,777 $ 750 57 189 606 309 51 425 235 2,045 7,442 210 1,332 4,601 1,873 357 7,857 Year to Date $ 1,468,980 144, 648 250,264 728 34, 654 6, 039 554 25,059 $ 1,930,926 $ 1,930,926 Confidential: For Internal Use Only $ 9,000 1,849 9, 447 6, 349 75 5,107 3,965 182 606 15,769 1,270 3,735 918 10,343 66,842 3, 532 840 2,910 47,141 22,794 6, 558 11,726 55,000 AI W -ADP University Sq Owner Income Statement For the Period Ended December 31, 2017 Grounds General Site R&M Garage Sweeping & Cleaning Garage R&M Management Fee Admin Mgmt Salary & Wages Taxes Real Property Insurance Expense Other Alterations/Decoratio Other Tenant Reimbursement Other - Miscellaneous Owner Exp - Legal Fees Owner Exp - Professional Fe Owner Exp - Vacant Utilitie Owner Exp HVAC Owner Exp - Travel/Meals/En Owner Exp - Other Interest Expense Amortization Expense Total Expenses Other Income Total Other Income Net Income (Loss) Current Month $ 50 1,000 7,500 2,784 21,273 3,256 719 125 404 825 53,377 13,924 $ 133,576 Year to Date $ 5,133 12, 000 2,862 93,315 10, 073 255,273 39, 661 1,000 8,771 1,256 722 25,751 4,353 450 3, 934 22, 910 556, 034 55, 696 $ 1,385,152 $ 6,20 $ 545,774 Confidential: For Internal Use Only W -ADP University Sq Owner Income Statement For the Period Ended December 31, 2018 INCOME: Rental Income Retail CAM Income CAM Prior Year Reconciliation Admin Fee Income Recoveries -RE Tax -Retail Recoveries -Insurance -Retail Interest Income Miscellaneous Income TOTAL INCOME EXPENSES: OPERATING EXPENSES Cleaning Expense Electrical Maintenance HVAC Maintenance General Building Maintenance Security / Life Safety Utility Expense Grounds Expense Garage / Parking Administrative Management Fee Taxes Insurance Other Operating Expenses Marketing Advertising Promotion TOTAL OPERATING EXPENSES NET OPERATING INCOME OTHER EXPENSES: Owner Expenses Interest Expense TOTAL OTHER EXPENSES Current Month 127,138 18,296 (2,994) 91 3,776 652 47 762 Year to Date 1,651,850 226,472 109,288 1,092 112,705 7,496 646 8,841 147,768 2,118,390 807 575 2,474 5,610 6,418 8,222 1,000 2,043 7,500 33,268 3,258 742 9,684 9,923 5,993 33,111 84,323 91,342 89,712 13,000 14,928 93,178 399,222 39,091 12,059 250 71,917 895,816 75,851 1,222,574 4,859 86,481 69,009 813,024 91,340 882,033 W -ADP University Sq Owner Income Statement For the Period Ended December 31, 2018 NET INCOME CAPITAL EXPENSES: Deferred Leasing Costs Capitalized Legal Fees TOTAL CAPITAL EXPENSES (15.489) 340,541 783 49,705 96,909 783 146.614 PLACE STICKER AT LOP Of- ENVELOPE TO fi - OF THE RETURN ADDRESS. FOLD AT DOTTED LINE CERTIFIED MAIL i i iN i i i 7017 1450 0001 8784 5491 PROPERTY TAX SPECIALISTS. INC. 95o S. Cherry Street Suite 320 Denver, CO 80246 Weld County Board of Equalization 1150 0 Street (ireeley, t U 8O631 Aiii:li! IOYTEOSMITS POSAL SERVICE 1000 80631 DQ9 USE PAID JUL112,190 AMOUNT $7.60 R2304Y123144.1 S Hello